TIDMCMCL
RNS Number : 8168T
Caledonia Mining Corporation PLC
17 November 2023
Caledonia Mining Corporation Plc
Chief Operating Officer to step down
(NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL)
St Helier, November 17, 2023 - Caledonia Mining Corporation Plc
("Caledonia" or the "Company") announces that Mr. Dana Roets (61)
will step down from his role as Chief Operating Officer ("COO")
with effect from February 29, 2024. Mr. Roets will remain a
director of the Company and various subsidiaries until February 29,
whereupon he will also step down from those roles.
Mr Roets joined Caledonia as COO in 2013 and he has been
instrumental in the development of the business over the following
decade. During his tenure, production increased from 45,000 ounces
to over 80,000 ounces in 2022; in the most recent quarter ended
September 30, 2023, Blanket Mine achieved record quarterly
production of almost 21,800 ounces. Over the same ten-year period,
group all-in sustaining costs reduced from $978 per ounce to $878
per ounce.
The key element in Caledonia's success over the last ten years
is the successful implementation of the Central Shaft project which
involved the sinking of a six-meter diameter shaft from surface to
1,204 meters. This project was accomplished under Mr. Roets'
direction, using internal financial and technical resources, and
was completed and commissioned without any fatality. When the work
on the revised investment plan started in 2014 (the main component
of which was the Central Shaft project), the expected life of mine
was up to 2019. As a result of the Central Shaft project, Blanket's
mine-life has been significantly extended. The resumption of deep
level exploration at Blanket in early 2023 has resulted in
encouraging results (as reported in a news release published on
July 10, 2023), which, in due course, are hoped to further extend
Blanket's mine life.
A process has already commenced to identify a suitable
replacement as COO.
Commenting on the announcement, Mark Learmonth, Chief Executive
Officer, said:
"Dana has made an outstanding contribution to Caledonia over the
last ten years - as evidenced by the increased production, reduced
costs and exploration success which we believe will, in due course,
extend Blanket's life of mine. This was achieved against the
backdrop of a challenging operating environment and the COVID-19
pandemic which introduced a new set of unanticipated operational
challenges.
"Dana is leaving the business not only having seen Blanket Mine
hit its long-term target of 80,000 ounces (in 2022), but also with
an operational solar plant providing around a quarter of Blanket
Mine's daily electricity requirements, thereby reducing our
dependence on diesel generators. More recently, he has overseen the
construction of the first phase of a new tailings storage facility
which, when fully built, is expected to serve the mine for at least
the next fourteen years at the current production rate .
"Along with the board and his colleagues, I would like to thank
Dana for his contribution and we wish him well in his future
endeavours."
Enquiries:
Caledonia Mining Corporation Plc
Mark Learmonth Tel: +44 1534 679 800
Camilla Horsfall Tel: +44 7817 841 793
Cavendish Capital Markets Limited (Nomad and Joint
Broker) Tel: +44 207 397 1965
Adrian Hadden Tel: +44 131 220 9775
Pearl Kellie
Liberum Capital Limited (Joint Broker)
Scott Mathieson/Kane Collings Tel: +44 20 3100 2000
BlytheRay Financial PR (UK)
Tim Blythe/Megan Ray Tel: +44 207 138 3204
3PPB (Financial PR, North America)
Patrick Chidley Tel: +1 917 991 7701
Paul Durham Tel: +1 203 940 2538
Curate Public Relations (Zimbabwe)
Debra Tatenda Tel: +263 77802131
IH Securities (Private) Limited (VFEX Sponsor
- Zimbabwe) Tel: +263 (242) 745
Lloyd Mlotshwa 119/33/39
Note: The information contained within this announcement is
deemed by the Company to constitute inside information under the
Market Abuse Regulation (EU) No. 596/2014 ("MAR") as it forms part
of UK domestic law by virtue of the European Union (Withdrawal) Act
2018 and is disclosed in accordance with the Company's obligations
under Article 17 of MAR.
Cautionary Note Concerning Forward-Looking Information
Information and statements contained in this news release that
are not historical facts are "forward-looking information" within
the meaning of applicable securities legislation that involve risks
and uncertainties relating, but not limited, to Caledonia's current
expectations, intentions, plans, and beliefs. Forward-looking
information can often be identified by forward-looking words such
as "anticipate", "believe", "expect", "goal", "plan", "target",
"intend", "estimate", "could", "should", "may" and "will" or the
negative of these terms or similar words suggesting future
outcomes, or other expectations, beliefs, plans, objectives,
assumptions, intentions or statements about future events or
performance. The forward-looking information contained in this news
release is based, in part, on assumptions and factors that may
change or prove to be incorrect, thus causing actual results,
performance or achievements to be materially different from those
expressed or implied by forward-looking information. Such factors
and assumptions include, but are not limited to: the successful
implementation of mine plans, the establishment of estimated
resources and reserves, the grade and recovery of minerals which
are mined varying from estimates, success of future exploration and
drilling programs, reliability of drilling, sampling and assay
data, the representativeness of mineralization being accurate,
success of planned metallurgical test-work, capital availability
and accuracy of estimated operating costs, obtaining required
governmental, environmental or other project approvals, inflation,
changes in exchange rates, fluctuations in commodity prices, delays
in the development of projects and Caledonia's experience of
project development in Zimbabwe and other factors.
To the extent any forward-looking information herein constitutes
a financial outlook or future oriented financial information, any
such statement is made as of the date hereof and included herein to
provide prospective investors with an understanding of the
Company's plans and assumptions. Security holders, potential
security holders and other prospective investors should be aware
that these statements are subject to known and unknown risks,
uncertainties and other factors that could cause actual results to
differ materially from those suggested by the forward-looking
statements. Such factors include, but are not limited to: risks
relating to estimates of mineral reserves and mineral resources
proving to be inaccurate, fluctuations in gold price, risks and
hazards associated with the business of mineral exploration,
development and mining, risks relating to the credit worthiness or
financial condition of suppliers, refiners and other parties with
whom the Company does business; inadequate insurance, or inability
to obtain insurance, to cover these risks and hazards, employee
relations; relationships with and claims by local communities and
indigenous populations; political risk; risks related to natural
disasters, terrorism, civil unrest, public health concerns
(including health epidemics or outbreaks of communicable diseases
such as the coronavirus (COVID-19)); availability and increasing
costs associated with mining inputs and labour; the speculative
nature of mineral exploration and development, including the risks
of obtaining or maintaining necessary licenses and permits,
diminishing quantities or grades of mineral reserves as mining
occurs; global financial condition, the actual results of current
exploration activities, changes to conclusions of economic
evaluations, and changes in project parameters to deal with
unanticipated economic or other factors, risks of increased capital
and operating costs, environmental, safety or regulatory risks,
expropriation, the Company's title to properties including
ownership thereof, increased competition in the mining industry for
properties, equipment, qualified personnel and their costs, risks
relating to the uncertainty of timing of events including targeted
production rate increase and currency fluctuations. Security
holders, potential security holders and other prospective investors
are cautioned not to place undue reliance on forward-looking
information. By its nature, forward-looking information involves
numerous assumptions, inherent risks and uncertainties, both
general and specific, that contribute to the possibility that the
predictions, forecasts, projections and various future events will
not occur. Caledonia undertakes no obligation to update publicly or
otherwise revise any forward-looking information whether as a
result of new information, future events or other such factors
which affect this information, except as required by law.
This news release is not an offer of the shares of Caledonia for
sale in the United States or elsewhere. This news release shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of the shares of Caledonia, in any
province, state or jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of such province, state or
jurisdiction.
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END
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